Human Capital Management Takes The Mystery Out Of The Millennial Workforce
Preparing Human Capital Management For The Millennial Workforce
Pew Research notes 56 million Millennials are employed today, making them the largest generation in the workforce. Yet, many business leaders remain unsure what to do with them.
In part, this is a problem of definition. The goalposts for what make a Millennial have changed repeatedly. It is now understood that Millennials are aged about 23-38 as we enter 2020.
This range of ages represents a profound schism in experience:
Elder Millennials
Millennials over 30 have lived much of their lives in depressed economic conditions. Ten years later, many are still recovering from having their early career trajectory impacted by the Great Recession. Radical tuition growth combined with reduced demand for college-educated workers means many followed a “life script” that has not served them well professionally.
Younger Millennials
Millennials younger than 25 have been raised in a completely different competitive landscape. The demand for educated workers is growing again, but requires a truly unprecedented level of technical sophistication. Younger Millennials have strong personal values, prize teamwork and cooperation, but are wary of many institutions and anxious about the future.
What Do Millennial Workers Value? The Answer Starts With Human Capital
Human capital management holds the keys to becoming an employer of choice for Millennials:
1. Millennials Value Clear Paths Forward
Millennials are not necessarily risk-averse, but they tend to dislike ambiguity. They see clarity as a sign processes are well thought-out and appropriate to the tasks at hand. Documented job roles and a path to career development are understood as investments in their future by their employer. The absence of these factors is what’s really behind much so-called “job-hopping.”
2. Millennials Want To Grow With Your Business
“Ownership” is a key Millennial value. Sense of responsibility toward the group can spark high performance, but it must be recognized and rewarded. One of the best ways to do this is to build growth into your human capital processes. Strong onboarding is the start, but enterprises should strive to embed skills training into the employee experience.
3. Millennials Value Benefits As Well As Financial Compensation
While compensation is important, it is not the only thing Millennials look at when evaluating opportunities. Though even elder Millennials are relatively young, they are more likely than others to see healthcare as a vital part of the social contract between employer and employee. They also appreciate benefits that enable the right “work-life balance.”
Flagler Financial Empowers You With Comprehensive Human Capital Management
The question of what to do with Millennials has revealed underlying human capital problems in many enterprises. However, it is never too late to change course and optimize the human factor.
Flagler Financial offers the People Success Program, an all-in-one approach to HCM. It enables you to see all elements of human capital performance and strategy in one central location.
With our platform, you’ll have the tools and insights you need to optimize your human capital approach. This equips you to attract and retain the best Millennial talent. To learn more or get started, contact us today.